The lawsuit brought by the New York Attorney General alleges Trump and his family overvalued assets by billions of dollars in order to secure more favorable financial arrangements, then deflated those values to pay less in taxes.
Claiming you have money that you do not have does not amount to the art of the deal. It’s the art of the steal.In a second legal setback for Trump, a three-judge panel of the 11th Circuit Court of Appeals ruled the Justice Department can resume its use of classified records seized at his Mar-a-Lago estate in its investigation of Trump’s mishandling of government documents.
To talk about these two stories, we’re joined by the Pulitzer Prize-winning investigative reporter David Cay Johnston, who’s been covering Trump and writing books about him since the 1980s. He’s co-founder of DCReport and author of many books, includingDavid Cay Johnston, welcome back toSo, let’s start with Letitia James. Talk about the significance of this civil suit against Donald Trump and his three adult children.Well, Letitia James’s 220-page lawsuit identifies 200 acts of fraud.
And what he got out of this, Amy, is, by inflating his net worth, he was able to borrow more money and borrow on better terms, which hurts all the rest of us because there’s not an unlimited amount of money out there to borrow. And then, by deflating the values for property tax purposes, he avoided paying the amount of property tax he should have paid on those properties. So it was a double win for him, and he’s gotten away with this for decades. Now he’s going to have to answer in civil court.
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